Current 1st year associate: Anyone regret making the switch?
Currently a 1st year associate at a reputable MM /UMM PE shop. Spent a couple of years at a coverage group at a BB before making the transition a couple of months ago.
Is it just me or are other current 1st year associates missing their IB gig? I largely made the switch to PE for the comp, better hours and interest in investing.
In terms of comps, I got an early A2A promote at my BB so realized I would be making quite a bit more money if I had stayed (I know long term potential in PE is higher but that's a while away). Also, with respect to the long term potential, my MM only does internal promotes for ~1 associate (if that) out of like 4-5 so am stressed about being kicked out and having to pay for B-school which would not have been the case in IBD. Yeah, my firm generally places into H/S/W but it is a significant investment esp for someone with my background.
In terms of hours, I have been getting CRUSHED. Worse hours than IB. In IB especially as a well-ranked analyst, I noticed I was able to push back on work and get on the most interesting projects. Here, I am at the bottom again and have no time to breathe. Also my IB was very structured (Staffer to take into account hours etc.) while this is a very unstructured learning environment
For interest in investing, I have realized the PE job is still very transaction based (lot of data entry, ppt making). Yeah, it is a lot more fun cause I get to read CIMs and evaluate businesses but I largely do very similar tasks as I was in IBD. Also, this may be a personal preference but I really liked working with larger, international companies and the majority of my time is now focused on smaller, albeit interesting businesses.
Wanted peoples thoughts on the above- thank you!